How is accidental loss of goods treated in final account in case: a: Goods had not been insured or Goods have been insured and the insurance company has claims associated with it.

Q: cep

A: Types of Accounting Standards: (1) Disclosure Standards: (2) Presentation Standards: (3) Content…

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Q: Determine if this shall result in recognition of liabilities   4. Receipt of goods ordered from a…

A: The goods purchased on account increases the inventory and also increase the liability.

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Q: tatement is INCORRECT, explain why the

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Q: Which of the following is not a Current Asset? O a. Closing inventory O b. Accounts Receivable O c.…

A: Introduction: Current Assets: The property or things which are owned by business for short term use…

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A: The answer is stated below:

Q: Accounting for all possible losses and expecting no profit is as per O a. Revenue recognition…

A: Answer : Option (C ) conservatism Principle

Q: According to IAS 18, Révéňué, whičh twó óf the following criteria must be satisfied before revenue…

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Q: Where should the following items be shown on the balance sheet, if shown at all?(a) Allowance for…

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Q: Which of the following transaction is not recorded in the general journal? Select one: A. All of…

A: Correct option is A i.e.  All of the above

Q: What type of entry will decrease the normal balance of the general ledger accounts prepaid…

A: Prepaid expenses are those expenses for which the amount has been paid but expenses has not yet…

Q: Where goods are sold by a person who is not the owner thereof, and who does not sell them under the…

A: The correct answer for the above mentioned question is given in the following steps for your…

Q: Which of the following is classified as monetary? a. Goodwill b. Equipment c. Patent d.…

A: Monetary generally means relating to money or currency. Assets that are classified as monetary…

Q: Purchase commitments A. Are obligations of the company to acquire certain goods at a fixed price…

A: Purchase commitment means where we agree to buy particular goods at particular price in future what…

Q: Which of the following is treated as business expense?  a. Installation cost of business equipment…

A: Business expenses are the expenses which are incurred for the business and required for the…

Q: Determine if this shall result in recognition of liabilities 9. receipt of goods to be sold for the…

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Q: Which of the following is not considered an operating expense

A: Operating expenses are those expenses incurred for normal day-to-day business activities and…

Q: Which of the following is not an example of an asset? Common stock Prepaid Insurance Truck…

A: Prepaid insurance and Unused Supplies are considered to be "Current Assets". Truck is considered to…

Q: The term FOB shipping point means that the ownership of the goods is vested on the buyer upon…

A: Free on Board(FOB) means that the buyer will get ownership of the goods that they have purchased…

Q: Which of the following is not an expense adjustment? A. None of the above B. Consumable inventory…

A: Expense: It can be defined as the cost incurred by the business for continuing its operations and…

Q: A credit balance to a client's accounts payable account representing right to receive payment for…

A:

Q: Which of the following accounts does not belong in the purchases and disbursement cycle?

A: A disbursement is the paying out of funds, whether to make a purchase or other transaction.…

Q: According to PAS 18 Revenue, which of the following is not a criterion to be satisfied before…

A: As Per PAS 18, Criteria of Revenue recognition is as follows: The outcome of the transaction is…

Q: Is a transaction that has the effect of lowering an asset recorded as a debit or as a credit? Is the…

A: A transaction is a business engagement that has an economic effect on a financial statement and is…

Q: The following items are recorded in the general journal, except Select one: A. Purchase of…

A: >Journal entries are the first accounting treatment that is given to a transaction, where in the…

Q: Which of the following would NOT be shown in the Statement of Profit or Loss? Expired portion of…

A: Income statement shows the income earned and loss incurred by the organization in the financial…

Q: Where there is evidence that the utility of inventory goods, as part of their disposal in the…

A:

Q: nventory is unde this error in the c Goods Sold Net

A: The right  answer is  option b  Cost of goods sold is understated and Net Income is overstated

Q: Q#3: How is accidental loss of goods treated in final account in case: • Goods had not been insured…

A: Insurance:- An insurance is the arrangement where the individual and entity receive the protection…

Q: ment of supplier’s account is debited to accounts receivable. What is the effect of the error in…

A: Supplier account is an account payables account classified under current liabilities .Accounts…

Q: Which document typically triggers the process of recording a liability? a. purchase requisition b.…

A: Liability: It can be defined as the obligation that arises as a result of past events of the…

Q: explain the impact on the balance sheet and income statement, specifying which accounts are affected…

A: The income statement is part of the financial statement that indicates the profitability of the…

Q: If an asset account is credited, it indicates O An error. O An increase in the asset. O A decrease…

A: Increase in liabilities should be credited and decrease in liabilities should be debited.

Q: Which of the following is not a contra account? A, Purchase returns and allowances B. Sales…

A: A contra account is the account which offsets its balance with the balance of another related…

Q: Why is it necessary to keep the issue of bad debts into consideration always? How I this placed in…

A: Bad debts can be defined as those debtors from where money collections are not possible and the…

Q: The payment of supplier’s account is debited to accounts receivable. What is the effect of the error…

A: The Account Receivables are assets for the firm and Account Payables are liability for the firm. The…

Q: determination of net cost of purchases would include addition of transportation out.

A: Transportation out represents the cost incurred by the seller in order to ship the goods to the…

Q: 1 - Which of the following items is given correctly? a) The provision for depreciated goods has…

A: Provision means an amount set side now to be payable in future because of some past event and…

Q: Allowance for doubtful accounts is an example of a. Asset account b. Expense account c. Contra asset…

A: solution:- Introduction:- Allowance for doubtful accounts means as follows under:- Allowance for…